Trump threatens to sideline U.S. oil giant Exxon Mobil from Venezuela
Darren Woods, chairman and chief executive officer Exxon Mobil Corp., during a meeting with oil executives in the East Room of the White House in Washington, DC, US, on Friday, Jan. 9, 2026.
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U.S. President Donald Trump issued a warning to Exxon Mobil, threatening to exclude them from Venezuela’s energy market due to their response to his calls for oil companies to swiftly return to the South American nation.
“I didn’t like Exxon’s response. You know we have so many that want it. I’d probably be inclined to keep Exxon out,” Trump told reporters on Air Force One.
“They’re playing too cute,” he added.
This statement came after Exxon CEO Darren Woods stated that the Venezuelan market is currently deemed “uninvestable” during a meeting with Trump at the White House.
An Exxon spokesperson did not immediately respond to a request for comment. The company’s shares were down 1.1% in premarket trading on Monday.
During the same meeting, Woods mentioned that Exxon would require significant changes in Venezuela’s commercial frameworks, legal system, and hydrocarbon laws to consider re-entering the country for the third time.
Venezuela had seized assets belonging to both Exxon and ConocoPhillips in 2007, leaving outstanding claims from arbitration cases.
Woods emphasized the necessity for changes in commercial frameworks, legal systems, and hydrocarbon laws, as well as “durable” investment protections for Exxon to re-enter Venezuela.
He expressed confidence in the current administration and President Trump’s collaboration with the Venezuelan government to implement these changes.
Exxon was prepared to send a technical team to assess Venezuela’s oil industry and assets.
$100 billion push
Trump has been urging U.S. oil companies to invest a minimum of $100 billion in Venezuela’s energy sector, promising government security assistance.
This call followed a bold U.S. military operation on Jan. 3 to overthrow Venezuelan President Nicolas Maduro.
U.S. President Donald Trump takes questions from the members of the press aboard Air Force One on January 11, 2026 en route back to the White House from Palm Beach, Florida.
Samuel Corum | Getty Images News | Getty Images
When asked about the type of backstops and security guarantees for oil companies, Trump did not provide specific details but assured that there would be guarantees in place.
Trump mentioned that previous problems faced by oil companies in Venezuela would be mitigated with his presidency.
While Venezuela holds the world’s largest oil reserves, some U.S. oil firms, including Chevron, have expressed caution about re-entering the country.
— CNBC’s Spencer Kimball contributed to this report.
